Solana has experienced a notable price rally over the past few days, surpassing the $190 mark. However, the cryptocurrency market witnessed a slight price dip of 3.28% in the last 24 hours, affecting leading cryptocurrencies like Bitcoin and Ethereum. The Solana price also incurred bearish movements following its recent upward trend.
According to data from CoinMarketCap (CMC), Solana (SOL) exhibited a 5.53% price decline in the past day. This decline caused the token to slide and find support at the $180 level. At the beginning of the day, Solana was trading at $191, having broken resistance levels at $185 and $190. However, as the day progressed, contrary to market expectations, the token sparked bearish candles. Meanwhile, Solana’s trading volume increased by 16.64% in daily trading volume. At the time of writing, SOL was trading at $180.68.
Notably, on July 27, Solana surpassed Binance Coin (BNB) in market capitalization, becoming the fourth-largest cryptocurrency in the market. During that time, SOL also witnessed a price rally, breaking multiple resistance levels and surpassing $190. Despite this brief price dip, the token remains on a bullish trajectory.
What Awaits Solana Price in the Coming Months?
Zooming out, over the past week, Solana price shows a 3.42% increase, while its monthly performance indicates a 28.78% hike. Despite the recent price dip, Solana remains on a bullish trend. According to TradingView reports, Solana’s short-term 9-day moving average (MA) stands above the long-term 21-day MA, indicating the aforementioned upward trend.
Moreover, the token’s recent bull run has sustained investor interest, as indicated by the Relative Strength Index (RSI) standing at 61.71, referring to a buying sentiment in the market. However, Solana price has shown increased volatility over the past few weeks. This is highlighted by the token’s Relative Volatility Index (RVI) standing at 58.92.
On the other hand, market analysts expect Solana to witness price breakouts in the coming months. This expectation aligns with market predictions for a spot Solana ETF following Ethereum. Notably, VanEck and 21Shares filed for these ETFs with the Securities and Exchange Commission (SEC) in June.
Solana ETF Filings and Market Impact
ETF issuers have begun to submit their filings for a spot Solana ETF since last month. This move is seen as a significant development for Solana and the broader cryptocurrency market. The approval of a spot Solana ETF could potentially drive more institutional investment into Solana, thereby boosting its price.
The overall crypto market’s slight dip of 3.28% in the last 24 hours has not spared Solana. Leading cryptocurrencies like Bitcoin and Ethereum also showed price declines, reverting to their previous trading levels. Solana, the second-largest altcoin, incurred bearish movements after its upward trend.
Current Market Analysis
According to CMC data, SOL shows a 5.53% price decline in the past day, causing the token to slide and find support at the $180 level. At the beginning of the day, Solana was trading at $191, having broken resistance at $185 and $190. However, as the day progressed, the token sparked bearish candles. Solana’s trading volume saw a 16.64% increase in daily trading volume. At the time of writing, SOL was trading at $180.68.
Notably, on July 27, Solana hit a new milestone as it surpassed Binance Coin (BNB) in market cap, becoming the fourth-largest cryptocurrency. During that time, Solana price also witnessed a rally, breaking multiple resistance levels and surpassing $190.
Future Prospects for Solana Price
Looking ahead, over the past week, Solana price shows a 3.42% increase in market price, while its monthly performance shows a 28.78% hike. Despite the brief price dip, Solana remains on a bullish trajectory. Solana’s short-term 9-day MA stands above the long-term 21-day MA, indicating an upward trend according to TradingView reports.
The token’s recent bull run has maintained investor interest, as indicated by the RSI standing at 61.71, suggesting a buying sentiment in the market. However, Solana price has shown increased volatility over the past few weeks, highlighted by the RVI standing at 58.92.
Market analysts expect the token to witness price breakouts in the coming months. This expectation is in line with market predictions for a spot Solana ETF following Ethereum. VanEck and 21Shares filed for these ETFs with the SEC in June, according to reports.
In conclusion, Solana price has slipped back to $180 following its recent rally past $190. The overall market dip and increased volatility have contributed to this decline. However, the future remains promising for Solana, with potential price breakouts and the anticipation of a spot Solana ETF driving investor interest and market activity. For more updates on Solana Price and other market trends, stay tuned to turkishNY Radio
